On September 15, 2017, the Internal Revenue Service (IRS) issued proposed regulations (REG-125374-16) amending the definition of obligations that are in registered form to take into account current market practices and...more

The U.S. Department of the Treasury announced on July 7, 2017, in Notice 2017-38 (the Notice) that it has identified as "significant tax regulations" eight sets of U.S. federal tax regulations that were issued between Jan. 1,...more

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair. According to the United States Department of Agriculture, 97 percent of all farms in the United States are...more

Some states by statute have introduced into their trust jurisprudence the concept of the excluded fiduciary: In the case of a trust the terms of which allocate fiduciary functions between the trustee and, say, a trust...more

At law and in equity the classic agency is terminable at the will of either the principal or the agent, and in any event upon the death or mental incapacity of either. The durable power of attorney is one statutory partial...more

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts -
The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

In September, we posted a blog discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed regulations) that could...more

Connecticut Has a New Power of Attorney Act -
A financial Power of Attorney (“POA”) is a document by which an individual can grant another individual (an “agent”) authority to act on his or her behalf with respect to...more

A controversy is brewing over whether a Hungarian trust is a true trust, or just a type of contract. Istvan Illés and Charles E. Rounds, Jr. conclude that it is not and explain the rationale for their conclusion in a law...more

When most people think about boards, they usually consider boards of directors for public or private companies, or non-profit boards. But there are other types of boards that rarely come to mind. Bret Magpiong, Chief Practice...more

In general, the bar is low for exercising inspection rights to investigate claims of wrongdoing. Plaintiffs need provide only some evidence to suggest a credible basis from which the Court can infer possible mismanagement or...more

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The...more

Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will impact virtually all taxpayers in the state (both individuals and...more

News sources are reporting that court documents filed last week indicate Prince died intestate, meaning he did not have a will. His sister filed the paperwork, stating to her knowledge he did not have a will and requesting...more

When Form 8938 reporting for foreign financial assets of U.S. taxpayers was first imposed a few years, only U.S. individuals were subject to it. The IRS has now issued final regulations that will commence reporting by...more

On March 14, 2016, the staff of the SEC's Division of Corporate Finance issued a no-action letter (the "No-Action Letter") concluding that, for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended...more

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're...more

A family feud recently unfolded in the Connecticut probate court, a typical venue for family feuds to play out after the death of a successful business owner. That is the case especially when a contested will is produced...more

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

The Department of the Treasury has released the Treasury Green Book for Fiscal Year 2017, which provides explanations of the President’s budget proposals. One such proposal (remember…these are just proposals, not actual...more

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